As people reach old age there often comes a time when they no longer want or feel able to make financial decisions – especially complex ones regarding stocks, shares, pensions and tax. At this point a relative or friend often steps in to help with or even take over managing the finances. Ideally this arrangement would be formalised by setting up a lasting power of attorney for property and financial affairs. This gives you the legal authority to act on the older person’s behalf in communications with their bank, ISA and bond providers and financial adviser.
As we specialise in later life financial planning we are experienced in dealing with clients who are acting as attorneys for an older friend or family member. We understand the tremendous responsibility of being an attorney and that the move to take on this position can be prompted by difficult circumstances, such as ill health of the older person, meaning it can be an emotional and stressful time. We have seen clients look visibly relieved when we take over as advisers.
We suggest attorneys do take independent financial advice. Not only is there a duty of care to the person whose finances are being managed, there can also be outside pressures for example from other family members who might be worried about their relative’s welfare and also their own potential inheritance. Bearing in mind the sensitive nature of money and inheritance matters, taking independent advice provides objective assurance to all concerned that everything is being done in the older person’s best interests. The professional support an adviser provides to make sure the financial situation and best course of action are universally agreed and understood can prove invaluable.
If you require financial advice please contact Richard Higgs CFP FPFS on 0117 966 5699 or email@example.com.